Business grants

This is a fund managed by the Greater Manchester Combined Authority to encourage business growth and job creation in Greater Manchester.

Loans are available for eligible companies that are having difficulty accessing traditional forms of finance from the private sector. Loans will typically be for up to 5 years, with the commercial interest rates reflecting the risk profile of the business.

Help available

Benefits include:

• Flexible loans of £500,000 to £5 million.
• No specific security requirements, although the level of security will impact the interest rate.
• No financial covenants are attached to the loans; instead, information covenants to monitor outputs.

Criteria

Projects can qualify if:

• They have been turned down by a bank or other lender but can sustain a level of debt repayment.
• There is a funding gap - this means the business has secured some financing but needs additional debt support to proceed.
• They demonstrate a clear link to jobs secured within Greater Manchester. The focus of the programme is on new job creation, but jobs safeguarded will also be considered.